Big Idea Ventures (BIV), a renowned global leader in early-stage alternative protein and food technology investing, has marked a significant milestone with the launch of its first portfolio company through its Generation Food Rural Partners Fund.
The new portfolio company, TerraSafe Materials, Inc. TM (“TerraSafe” or the “Company”), is a material science venture that is dedicated to developing sustainable packaging solutions. With an increasing concern over the environmental impact of plastic waste, TerraSafe aims to revolutionize the packaging industry by creating new products, coatings, and applications that are truly sustainable.
According to a report by McKinsey & Company, a staggering 65% of all plastics end up in incinerators and landfills. TerraSafe plans to address this issue by partnering with various universities to license intellectual property. By utilizing this intellectual property, the company aims to create innovative materials that can reduce the reliance on plastic in various applications, including food packaging.
Tom Mastrobuoni, Chief Investment Officer of BIV, expressed excitement about the company's first investment through the GFRP Fund. He described the GFRP Fund as a transformative vehicle for rural impact, fundamentally changing the way university-developed intellectual property is commercialized in the US. This investment marks the beginning of BIV's journey to foster sustainable solutions for the agriculture, food, and protein industries while driving economic growth and development in rural communities.
The board of directors of TerraSafe has appointed Scott Bolin as Chief Executive Officer. Bolin brings a wealth of experience to the role, having previously founded successful biomaterials company Tethis in 2012 and materials startup Next Century Spirits in 2018. Both companies gained recognition for their innovative and sustainable technologies, successfully raising over $50 million in venture capital.
Mr. Bolin expressed enthusiasm for leading the first new company created by the GFRP Fund. He highlighted the ambitious mission of reducing dependence on plastics and emphasized the team's unique and compelling approach to the problem. Bolin is eager to collaborate with leading minds across multiple universities to drive progress and innovation.
The GFRP Fund, part of BIV's broader investment strategy, is focused on evaluating intellectual property in the agriculture, food, and protein sectors. The fund invests in research with the highest potential for broad commercialization and creates new companies centered around these innovations. Significantly, these new companies will be headquartered in rural communities, fostering economic growth by generating living wage jobs.
The launch of TerraSafe Materials marks an important step in BIV's commitment to driving positive change in the food technology industry. By supporting innovative ventures like TerraSafe, BIV aims to revolutionize the way we approach packaging and create a more sustainable future for generations to come. With its vision for sustainable and transformative solutions, TerraSafe is poised to make a significant impact in the battle against plastic waste.